Rumors of a free streaming service may finally be coming to fruition.

Watch out Pandora, the launch of the much-rumored Apple music streaming service, dubbed iRadio by the press, could be imminent, with CNET reporting that the company is finalizing deals with record labels for a potential summer roll-out.

Apple is currently in talks with Universal Music Group and Warner Music, and while the details have yet to be officially released,  CNET sources say that the negotiations include a per-stream rate that could be half as much as Pandora's. While record labels were initially resistant to a lower stream rate, Apple is reportedly offering other revenue options that include a cut in the radio ads.

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